Seoul: South Korea's Samsung Heavy Industries Co said Thursday it will invest KRW270 bn to build a vessel block plant in Korea by 2010.
"The new block plant will help the company build 70 vessels a year, starting 2010, amid a rising vessel demand," Samsung Heavy President Kim Jing-Wan said in a statement.
This is the first domestic block plant for Samsung Heavy, which operates a 200,000 metric-ton-a-year block plant in Zhejiang in China and will have a 300,000-ton-a-year Chinese block plant in Shandong by the end of 2008, said a company spokesman.
The Korean block plant to be built in a 280,000-sq.m tract at a place 2 km from its main factory on Koje Island and will have a capacity of 100,000 tons a year.
The site will also contain a heatproof LNG tank plant to build the prismatic type containment systems it co developed with IHI of Japan.
The move mirrors Hyundai Heavy Industries who have kept their block building facilities inside Korea. Samsung has had to do this latest investment on the back of so many of its previous suppliers of blocks turning into fully fledged shipbuilding yards up and down the Korean coast. [16/08/07]
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